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Currency exchange – why it can pay to not rely on your bank

International trading is something many businesses are involved in, whether it’s because you are selling your good or services abroad or buying raw materials in from overseas to help with manufacturing. Either way, exposing yourself and your business to currency risk is a reality for many businesses, and how you reduce that risk as much…Read More

Where is the best place to hold your tax money?

Putting aside the tax money due each time you have an invoice paid is sensible planning, but is that money working as hard for you as it could be? Many current accounts are paying no interest whatsoever, and when it comes to savings accounts, you would still be struggling to get anything meaty when it…Read More

Deal with your tax return early and help with your cashflow

There is a tendency for many of us to leave our tax returns until the last minute. It’s human nature to want to delay dealing with something we find uncomfortable. However, if you get your tax return for the 2021/22 tax year completed sooner rather than later, you will have some benefits that could help…Read More

Get a business health check at the start of the tax year

Using up personal allowances is not the only reason you should see your accountant at the start of the tax year, it is also the best time to get a health and wealth check for your business too. The end of the tax year is the busiest time for your business and your accountant, meaning…Read More

Payments on account due July 31

Some taxpayers must pay a tax more than once a year, and if this is you then you are facing a second tax bill before July 31. Those exempt from making a payment on account in July include those who had a self-assessment tax bill of less than £1,000 for the previous tax year, or…Read More

Use up your tax allowances early in the tax year

If you are one of those people who is always racing to use up your tax allowances, such as Individual Savings Accounts (ISAs) at the last minute before the end of April 5, then you are not alone. But you could be making a big mistake. When it comes to mopping up tax allowances, it…Read More

Basis Period Reform – what it is and how it could affect you

Unincorporated businesses – including sole traders, trusts and those businesses working as partnerships, and anyone else that pays tax on trading income – face a major change that will affect the way and the time they are taxed on their profits. The so-called Basis Period Reform will ultimately take effect from the 2024/25 tax year,…Read More

MTD D-Day has arrived – here’s how to make sure you comply

Anyone filing VAT returns from April 1, 2022 onwards now has to file their return digitally as HMRC’s Making Tax Digital reaches its next phase. All businesses registered for VAT – even if they have turnover below the threshold – must file their returns this way from now on. The premise for changing to the…Read More

Strong Customer Authentication (SCA) rules – what they mean for businesses and consumers

You may have already noticed when you are buying things online that you are now being asked to confirm your purchase in more than one way to improve security, and this is the result of the new Strong Customer Authentication (SCA) regulations which came into effect on 14 March 2022. What are the SCA regulations?…Read More

Reclaim Married Couple’s Allowance before 5 April

Married Couple’s Allowance can be transferred between spouses and civil partners, and while 2m couples have claimed this since it was introduced back in 2015, there are many more people who are entitled to claim it. Go back four years The allowance, which is worth up to £1,220 for each year, can be reclaimed back…Read More

Spring Statement round-up

The Chancellor’s Spring Statement on March 23 was limited on giveaways, but there were some measures designed to help people struggling with the highest rates of inflation in 30 years. The Office for Budget Responsibility (OBR) has forecast that inflation will average 7.4% this year, and there are many people who are already struggling with…Read More

End of year tax planning – what you need to consider

The new tax year on April 6 is accelerating quickly towards us, and now is the time to make sure that any last-minute allowances you may not have made the most of in the 2021/22 tax year are mopped up. There are plenty of allowances that have a time limit on each tax year, and…Read More

The Ups and Downs of the Spring Statement 2022.

The Chancellor of the Exchequer, Rishi Sunak, delivered his Spring Statement on Wednesday 23 March 2022. In this early edition of our April tax newsletter we outline the key measures affecting our clients. National Insurance Contributions (NICs) Despite lobbying to delay the upcoming 1.25% increase in NICs payable by employees, employers and the self-employed, the…Read More

Stamp Duty Land Tax – why this will increase as house prices rise and what you can do to reduce it

Stamp Duty Land Tax (SDLT) receipts were somewhat skewed in the last year as the SDLT holiday for properties worth up to £500,000 was phased out on June 30, 2021, and the holiday for properties worth between £125,000 and £250,000 ended on September 30. These two deadlines resulted in a flurry of activity as people…Read More

IHT receipts up by £700m – but why you should see this as a ‘voluntary’ tax

Inheritance tax (IHT) is one of the most hated taxes there is, mainly because for many people their estate faces a 40% tax rate which is higher than they would have paid during their lifetime. HMRC’s latest figures reveal there has been a £700m increase in IHT receipts in the financial year to January 2022,…Read More

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